Word: magellans
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...better, if you're convinced the market's headed down, to buy puts (at least with puts, your loss is limited to the size of your bet) or leave all this to the managers of your mutual fund. Some funds, like Fidelity Magellan, feel obligated to remain nearly fully invested at all times. But others, like Mutual Shares, may go heavily into cash, or, like the closed-end Zweig Fund, short stocks themselves...
Some experts view Lynch's departure as a by-product of Magellan's astounding success. They contend that the fund had become so large and unwieldy that it was no longer possible for Lynch to outperform the market as consistently as he once had. Says Maurice Weiner, a Florida-based investor who sits on the board of a mutual fund: " Every time you add another dollar to manage, you are increasing the odds against...
Lynch has heard such criticism since the mid-1980s, when Magellan was scoring some of its biggest gains. "It hurt when people kept saying that Magellan had reached its peak, that it was impossible for us to beat the market anymore," Lynch told TIME's Boston bureau chief, Robert Ajemian, last week. "I really wanted to prove them wrong. So I stayed...
...Sullivan, who at the time was president of the Fidelity group. After earning an M.B.A. at the Wharton School and serving two years in the Army, Lynch joined Fidelity as a research analyst in 1969. His ebullient pursuit of investment opportunities led to his 1977 appointment as head of Magellan, then one of Fidelity's smaller funds...
...believes great stock tips come from everyday life, so he pays close attention to the buying habits of his wife Carolyn and their three daughters. When Carolyn began bringing L'eggs panty hose home from the supermarket in the 1970s, Lynch recognized a winning product. Magellan bought stock in Hanes, the panty-hose maker, and saw the value of its shares grow some...